A notable market watcher provides a timeline for XRP to reclaim a price that is nearly double its 2017/2018 all-time high.
For context, XRP has been navigating a volatile market environment amid broader bearish trends sparked by hawkish comments from the Federal Reserve. Federal Reserve Chairman Jerome Powell’s recent remarks suggested lower-than-expected interest rate cuts in 2025.
A steep drop
This reality, along with talk about legislative restrictions preventing the Federal Reserve from owning Bitcoin, has weighed heavily on the cryptocurrency market.
XRP responded with heavy losses, falling 9.91% on Wednesday and another 3.24% the next day. The token fell to $1.96 on December 20, but bullish momentum emerged, fueling a 4.35% rebound to $2.37 by this morning’s close.
Meanwhile, analysts like CryptoBull believe that this correction is a precursor to a major breakout. CryptoBull has shared a chart featuring a symmetrical triangle formation and indicating that XRP may be completing its correction phase.
According to the prominent market commentator, this structure will be resolved over the next week. Expect such a resolution to push XRP to a new all-time high of $6 within days of the breakout.
XRP Symmetric Triangle
The 1-day chart shows that the symmetrical triangle pattern developed following XRP’s sharp drop from $2.9, its seven-year high, on December 3.
This pattern usually represents market indecision, in which prices consolidate as bulls and bears compete for dominance. Notably, with XRP now near the apex of the triangle, this position suggests that a breakout is imminent.
XRP 1D Chart | CryptoBull
The structure began with a sharp decline (wave A), followed by a recovery (wave B). However, the latest correction has caused a steeper decline to lower lows, representing wave C.
The CryptoBull chart suggests the imminent recovery could allow XRP to retest the upper trend line of the triangle, completing wave D. However, the chart indicates that this retest will lead to another pullback (wave E), and a recovery from this pullback could break triangle.
For context, key price levels on the chart include $2.4 as immediate resistance and $2.0 as major support. A break above $2.4 could see XRP test its previous high of $2.9 before targeting. the $6 milestone. CryptoBull believes that $6 could materialize in the coming days.
XRP after the 2017 fractal
In a separate analysis, CryptoBull drew parallels between XRP’s current trajectory and its historic 2017 rally. Notably, in March 2017, XRP began a multi-month surge that culminated in an all-time high.
It still looks like #XRP is repeating the 2017 pattern. We repeat the first monthly candle from March 2017 and hit the target of $1.96. Next would be $6.28 by the end of this month and around $40 by the end of January 2025. pic.twitter.com/LGWiTRn6vq
– CryptoBull (@CryptoBull2020) December 19, 2024
The analyst suggests that XRP is mirroring this pattern, having already reached a key target of $1.96. If this pattern holds, CryptoBull says that XRP could reach $6.28 by the end of December 2024. Furthermore, it predicts a meteoric rise to $40 by the end of January 2025.
